No tenant ever wants to receive notice that their landlord is increasing their rent—especially when they’re living through the worst possible scenario.
After countless California residents lost their homes in the January wildfires, the search for a new place to live has become increasingly difficult for many.
Was low inventory the issue?
Yes, but also, less than a week after the Pacific Palisades fire leveled thousands of homes, accusations of price gouging started circulating.
Rent prices across the nation continue to hit new highs due to a number of factors, but this feels like an overstep that just can not be ignored.
Let’s dive into the big questions: What’s the deal with these dreaded rent increases?
How much can a landlord raise rent legally?
And what’s happening in some of the biggest markets, including California, New York, and Texas?
California renters face price gouging after devastating wildfires
Higher mortgage rates, astronomical asking prices, and a lack of inventory have forced would-be homebuyers to stay in the rental market for the last two years, but the situation has become particularly dire in Los Angeles, CA.
The shortage of rental housing came into stark light after tens of thousands of wildfire evacuees attempted to find temporary housing after losing their homes.
While the number of displaced people continued to rise, the amount of rentals depleted instantaneously, with many of the remaining properties simultaneously becoming unattainable.
The issue was first brought to light by celebrity real estate agent Jason Oppenheim, the star of Netflix’s “Selling Sunset.”
He revealed in an interview with the BBC that some L.A. landlords have been exploiting…